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Lloyds Banking Group alert service

RNS Number : 7858Y
Lloyds Banking Group PLC
07 March 2017
 

7 March 2017

 

LLOYDS BANKING GROUP PLC ('GROUP') - NOTIFICATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF THE GROUP OF 10 PENCE EACH ('SHARES')

On 22 February 2017, the Group published details of upcoming remuneration disclosures for the Group, including salary, bonus, Long-Term Incentive Plan awards and Fixed Share Awards for PDMRs ('Summary Remuneration Announcement').   Where awards had not yet been made, estimates were provided. The Group announces that the following awards were made and released on 6 March 2017. 

This announcement should be read in conjunction with the Summary Remuneration Announcement and disclosures in the 2016 Annual Report and Accounts published on 22 February 2017. The 2016 Annual Report and Accounts is available on the 'Annual Reports' page in the 'Investors & Performance' section of the Group's website www.lloydsbankinggroup.com.

 

2016 GROUP ANNUAL BONUS

For Executive Directors and the Group Executive Committee, awards are determined in the same way as employees across the Group by reference to Group, business area and individual performance. Information regarding the performance of the Executive Directors in 2016 can be found in the Annual Report and Accounts. As announced on 22 February 2017, annual bonus awards are deferred into Shares under the Lloyds Banking Group Deferred Bonus Plan ('Deferred Bonus Award') and are subject to performance adjustment throughout the deferral period. Deferred Bonus Awards made to Executive Directors and members of the Group Executive Committee are subject to clawback for at least seven years from the date of grant. This period may be extended to ten years where there is an ongoing internal or regulatory investigation.

 

2016 Annual Bonus Awards

In line with requirements of the PRA Rulebook and FCA Remuneration Code (SYSC 19D), a maximum of 40 per cent of any variable remuneration awarded to Executive Directors and other members of the Group Executive Committee can be paid in 2017. The remaining 60 per cent must be deferred.

                                                                                                                      

For the 2016 Annual Bonus, £2,000 is paid in cash in March 2017. The first tranche of the Deferred Bonus Awards vest in June 2017 based on the prevailing share price, with the number of Shares notified to the market at that time.  The remaining tranches were granted yesterday and will vest over the period September 2017 to September 2019 and are shown below:

 

Name

Number of 

Shares 

awarded(1)

 

António Horta-Osório

1,417,778

 

George Culmer

667,685

 

Juan Colombás

671,579

 

Andrew Bester

550,332

 

Karin Cook

447,048

 

Simon Davies

433,993

 

Antonio Lorenzo

636,155

 

Vim Maru

527,311

 

Zak Mian

357,199

 

David Oldfield

694,440

 

Matt Young

            252,003

 1

Based on a Share price of 68.814 pence being the average of the closing Share price of the five trading days prior to the date of award. This is the maximum number of Shares under award which will be subject to income tax and national insurance contributions on vesting.

 



 

Deferred Bonus Awards for 2013, 2014 and 2015 Performance

As announced on 22 February 2017, Deferred Bonus Awards are due to be released in 2017 which relate to performance in 2013, 2014 and 2015. In accordance with the Group's deferral policy, a proportion of the Shares are released over three years, being received in tranches in March and September.

 

In this respect, the Group announces that yesterday, after the settlement of income tax and national insurance contributions, the PDMRs listed in the table below received the number of Shares (for no payment) as set out by their name. A further announcement will be made in September for the September release.

 

Name

2013 

2014 

2015 

António Horta-Osório

-1

-

-

George Culmer

-

164,443

-

Juan Colombás

-

155,124

-

Andrew Bester

53,305

33,153

25,252

Karin Cook

17,357

14,918

17,827

Antonio Lorenzo

47,034

28,664

43,621

Vim Maru

23,927

28,512

26,488

Zak Mian

19,397

7,209

5,688

David Oldfield

19,854

18,363

23,119

Matt Young

43,470

23,921

32,547

1 To be released later in March when a further announcement will be made.

 

Release of Long-Term Incentive Awards made in March 2014

As announced on 22 February 2017, the Group has delivered a good financial performance over the performance period of the 2014 Long-Term Incentive Plan (LTIP) awards, continuing to transform the business for the benefit of our shareholders. The scale of the challenge was set out in stretching targets of the 2014 LTIP as approved by the Remuneration Committee and our shareholders. At the end of the performance period, it has been assessed that these awards will vest at 55 per cent of maximum.

 

In this respect, the Group announces that, after the settlement of income tax and national insurance contributions, the PDMRs listed in the table below yesterday received (for no payment) the number of Shares (including dividend equivalents) as set out by their name, following the partial vesting of long-term awards made in March 2014.  Executive Directors and Material Risk Takers at the time of the award in 2014 are required to retain any Shares vesting for a further two years.

Name

Shares 

António Horta-Osório

1,439,800

George Culmer

778,908

Juan Colombás

693,444

Andrew Bester

757,271

Karin Cook

104,247

Antonio Lorenzo

709,671

Vim Maru

208,986

Zak Mian

118,015

David Oldfield

186,858

Matt Young

540,907

 

Group Ownership Share Plan - 2017 awards

As announced in the 2016 Directors' Remuneration Report, the Group's long-term variable remuneration arrangements are to be known as the Group Ownership Share Plan. Awards for the 2016 performance period were made yesterday under the rules of the 2016 Long-Term Incentive Plan. The 2017 awards are subject to a three-year performance period with vesting between the third and seventh anniversary of award, on a pro-rata basis. 

 

 

Name

Maximum 

number of 

Shares 

awarded(1)(2)


Expected 

value(4)

 

António Horta-Osório

    5,318,685 (3)


£1,830,000

 

George Culmer

2,993,565  


£1,029,996

 

Juan Colombás

2,951,987


£1,015,691

 

Andrew Bester

2,910,410


£1,001,385

 

Karin Cook

2,364,199


£813,450

 

Simon Davies

2,797,395


£962,500

 

Antonio Lorenzo

3,174,993


£1,092,420

 

Vim Maru

2,364,199


£813,450

 

Zak Mian

1,559,275


£536,500

 

David Oldfield

2,890,400


£994,500

 

Matt Young

 

1,889,877


£650,250

 1

Based on a Share price of 68.814 pence being the average of the closing Share price of the five trading days prior to the date of award.

 

2

Vesting determined in 2020 subject to the satisfaction of stretching performance targets over the performance period ending 31 December 2019.

 

3

Based on Mr Horta-Osório's 'Reference Salary' of £1,220,000 as at 31 December 2016.

 

4

The values for the LTIP awards are shown at an expected value of 50 per cent of maximum value and before deduction of income tax and NIC. The actual vesting value will depend on the achievement of performance conditions and the Share price at the date of vesting. These awards are subject to clawback for at least seven years from the date of award.

 

 

As outlined in the 2016 Annual Report and Accounts, the FCA changed the approach to complaint classification and reporting from 30 June 2016. The updated complaint data is now available and the Group is accordingly publishing the metrics for the 2016 Long Term Incentive Plan awards and 2017 Group Ownership Share awards as shown below:

 

 Award

Measure

Basis of payout range

Threshold

Maximum

2017 Group Ownership Share

Total reportable complaints

and

Financial Ombudsman Service uphold rate

Set relative to 2019 targets

3.52 complaints per 1,000 accounts

 

=<29% FOS uphold rate

3.18 complaints per 1,000 accounts

 

=<25% FOS uphold rate

2016 Long Term Incentive Plan

Total reportable complaints

and

Financial Ombudsman Service uphold rate

Set relative to 2018 targets

4.18 complaints per 1,000 accounts

 

=<29% FOS uphold rate

3.78 complaints per 1,000 accounts

 

=<25% FOS uphold rate

 

Fixed Share Awards in 2017

A further announcement will be made in March 2017 for the Fixed Share Award in respect of the first quarter of 2017 and thereafter in the quarter in which the award is made.

 

ENQUIRIES:

Investor Relations

Douglas Radcliffe

Group Investor Relations Director

Email: douglas.radcliffe@finance.lloydsbanking.com

 

Group Corporate Affairs

Matt Smith

Head of Corporate Media

Email: matt.smith@lloydsbanking.com

 

+44 (0) 20 7356 1571

 

 

 

 

 

+44 (0) 20 7356 3522

 

 



 

 

7 March 2017

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

António Horta-Osório

2

Reason for the notification

 

a)

Position/status

 

Group Chief Executive

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group's Deferred Bonus Plan for 2016 and the Group Ownership Share Plan - 2017 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2016 Bonus Award

 


GBP00.0000

1,417,778


Award of Shares - Group Ownership Share Plan - 2017 awards


GBP00.0000

5,318,685







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

6,736,463

 

GBP00.0000

e)

Date of the transaction

 

6 March 2017

f)

Place of the transaction

Outside a trading venue

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Acquisition of Shares - Gross number of Shares released for 2014 Long-Term Incentive Award before sale of Shares for income tax and National Insurance Contributions (NICs) 

 

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


2014 LTIP (Gross)


GBP00.0000

2,716,605







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

2,716,605

 

GBP00.0000

e)

Date of the transaction

 

6 March 2017

f)

Place of the transaction

Outside a trading venue

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Disposal of Shares on behalf of PDMR to meet income tax and NICs due on the release of 2014 Long-Term Incentive Award

 

c)

Price(s) and volume(s)





Disposal of Shares to meet income tax and NICs:

 


Price(s)

 

Volume(s)


2014 LTIP

 


GBP00.687429

1,276,805







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

1,276,805

 

GBP00.687429

e)

Date of the transaction

 

6 March 2017

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

Name

 

George Culmer

 

2

Reason for the notification

 

a)

Position/status

 

Chief Financial Officer

 

b)

Initial notification / Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

 

Lloyds Banking Group plc

b)

LEI

 

549300PPXHEU2JF0AM85

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Award of Shares under the Group's Deferred Bonus Plan for 2016 and the Group Ownership Share Plan - 2017 awards

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


Award of Shares - 2016 Bonus Award

 


GBP00.0000

667,685


Award of Shares - Group Ownership Share Plan - 2017 awards


GBP00.0000

2,993,565







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

3,661,250

 

GBP00.0000

e)

Date of the transaction

 

6 March 2017

f)

Place of the transaction

Outside a trading venue

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

Acquisition of Shares - Gross number of Shares released for 2014 Deferred Bonus Awards and 2014 Long-Term Incentive Award before sale of Shares for income tax and NICs

 

c)

Price(s) and volume(s)







Price(s)

 

Volume(s)


2014 Deferred Bonus Award (Gross)


GBP00.0000

310,271

 


2014 LTIP (Gross)


GBP00.0000

1,469,638

 







d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

1,779,909

 

GBP00.0000

e)

Date of the transaction

 

6 March 2017

f)

Place of the transaction

Outside a trading venue

 

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

 

Ordinary Shares of 10p each

 

 

 

GB0008706128

b)

Nature of the transaction

 

 

---------------------------

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